Refer to the table above. What is the market supply of labor per week when the wage rate is $50?
A) 12 hours
B) 30 hours
C) 50 hours
D) 71 hours
C
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The price elasticity ofdemand for insulin is:
A. likely to be perfectly inelastic over some range of prices. B. perfectly elastic. C. a large portion of someone's income. D. low relative to the supply.
The Great Homebody Nationwide Sweepstakes promises its winners a choice between $200,000 now or $120,000 now and $100,000 next year. The winners should take the $200,000 now
a. no matter what the interest rate is b. no matter what the interest rate is, if their rate of time preference is high c. no matter what the interest rate is, if their rate of time preference is low d. only if the interest rate is above 25 percent e. only if the interest rate is below 25 percent
Using the aggregate supply drawn under the monetarist view, what should happen to the equilibrium price level and quantity of output if the Fed buys bonds?
A. Equilibrium price level and equilibrium output should both increase. B. Equilibrium price level should increase, and equilibrium output should decrease. C. Equilibrium price level should decrease, and equilibrium output should increase. D. Equilibrium price level should increase and equilibrium output should stay constant.
Which of the following represents a long-run adjustment?
A. Unable to meet foreign competition, a U.S. watch manufacturer sells one of its branch plants. B. A supermarket hires four additional clerks. C. A farmer uses an extra dose of fertilizer on his corn crop. D. A steel manufacturer cuts back on its purchases of coke and iron ore.